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448 40th St 🏷️ Likely Rental
A- Composite 81.18
Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

  • Cash flow +30.0/30.0
  • 1% rule +10.0/10.0
  • DSCR +10.0/10.0
  • Appreciation +7.8/10.0
  • ARV discount +7.5/15.0
  • Rent growth +5.0/5.0
  • Schools +4.9/10.0
  • Livability +3.8/5.0
  • Condition / age +2.2/5.0

$1,550,000

448 40th St · New York, NY 11220
18 bd · 7.2 ba · 7,854 sqft · MultiFamily · 208 Days on market
Built 1914 Fair condition 3,339 sqft lot $197/sqft · 63% below area
🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks

Exceptional investment opportunity in the heart of Sunset Park! This well-maintained 6-family brick building (33x68, zoned R6B) features six spacious 3-bed/1-bath units with strong current income of $10,020/month ($120,240/yr) and a 5.1% cap rate at ask. Annual expenses of approximately $37,949 include taxes, insurance, gas, water, and common electric. Building highlights include brand-new 3rd floor windows and a roof approximately 7–8 years old — minimal near-term cap-ex. Conveniently located near the N/D/R trains, shopping, Sunset Park, the waterfront at Industry City and convenient express transit options into Manhattan.

Key facts

  • Near shopping
  • Near waterfront
  • Brand new windows

Tags

WELL MAINTAINED BUILDINGSPACIOUS UNITSBRAND NEW WINDOWSNEAR EXPRESS TRANSITNEAR SHOPPINGNEAR WATERFRONT

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…
🏷️ Possibly a rental listed for sale. The $1,550,000 price doesn't fit this home's estimated sale value (~$4,220,851) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

  • This is a 6 × 3-bed/1.2-bath units multifamily listed at $1.55M. Condition is rated fair.

Deal economics

  • At list price, monthly cash flow is $10k ($125k/yr) — positive. Per door: $2k/mo.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($27k rent vs $1.55M).
  • Recommended offer: $1.36M (12.0% below list) — sets the bar for market timing.
  • Cap rate 14.4% vs local median 2.6% in New York — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

  • Location reads 75/100 on livability (#268 in NY, #4,188 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime F, cost of living F.
  • Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Ms 51 William Alexander (math 67% / reading 92%, grade A+, #32 of 729 statewide, top 5%, 1,026 students, 61% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
  • Market conditions: Rents rising fast (+11.0%/yr); 384 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
  • At $4,458/mo per unit this rent would consume 77% of the median local household income ($70k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

  • In year one you build about $98k of equity ($11k loan paydown + $87k appreciation (5.6% local appreciation)).
  • Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
  • At projected returns (5.6% appreciation + 8.0% rent growth), your $434k cash investment doubles in ~2 years — after that, you're playing with house money.
  • By year 2, paydown + projected appreciation supports a ~$157k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

  • It's been on market 208 days — a 12% lower offer ($1.36M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

  • Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
  • Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Recommended offer $1,364,000 (12.0% below list)

Questions for the listing agent

  1. It's been on market 208 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
  2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
  3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
  4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
  5. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
  6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  8. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
  9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
  10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
  11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
  12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

1% rule
1.73% ✓
Cap rate
14.36%
Cash-on-cash
28.81%
DSCR
2.28
GRM
4.8

CMA / ARV

ARV (median comp)
$4,220,851
List price
$1,550,000
Delta
-63.28%
Verdict
UNDERPRICED
Comps
8 within 1.0 mi
Show comp detail 5 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
5624 5th Ave 0.82mi 18/6.0 7,700 (-2%) 20mo $2,500,000 $325 40
543 49th St 0.44mi 16/8.0 (-2) 6,348 (-19%) 6mo $1,480,000 $233 36
1902 8th Ave 1.16mi 19/8.0 (+1) 5,890 (-25%) 11mo $850,000 $144 23
870-872 4 Ave 0.44mi 16/5.5 (-2) 8,800 (+12%) 53mo $2,950,000 $335 23
839 57th St 1.00mi 16/7.0 (-2) 6,105 (-22%) 16mo $3,700,000 $606 16

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.63% appreciation · 8.0% rent growth · sell at horizon

5-year hold
IRR
42.8%
Equity multiple
3.81×
Total profit
$1,219,428
Equity at exit
$938,681
10-year hold
IRR
42.6%
Equity multiple
8.90×
Total profit
$3,428,314
Equity at exit
$1,672,251

Cash invested: $434,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

Overall (CITY)
0 Strongly Tenant-Friendly
State New York
15 Strongly Tenant-Friendly · D+10
County
— inherits STATE
City New York
0 Strongly Tenant-Friendly · D+34
Rent Stabilization Code; HSTPA; 6+ months in housing court.
Methodology + full state rankings →

Active competition Active MLS

For sale now
1 active
Median asking
$2,300,000 ($329/sqft)
Median days on market
513 d
This list price
lowest-priced of the active set
ARV vs active asking
+63.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 11220

Home prices YoY
2.5%
Rents YoY
11.0%
Active inventory
384
Price-to-rent
29.0×

Monthly cashflow live

Estimated rent
$26,750 medium interval (Pro) →
Mortgage (P&I)
−$8,128
Tax est. 1.5%
−$1,938 /mo · $23,250/yr
Insurance
−$646
HOA
−$0
Vacancy / Maint / Mgmt
−$5,618
Net cashflow
$10,421

6-unit breakdown (identical units grouped — click to expand)

UnitsBedsBathsEst. rent
Total (6 units) $26,750

Break-even live

Break-even rent $13,559
Max offer price $1,550,000
Occupancy floor 56%

Sensitivity live

Price -10% $11,492 -5% $10,956 +0% $10,421 +5% $9,885 +10% $9,350
Rent -10% $8,308 -5% $9,364 +0% $10,421 +5% $11,477 +10% $12,534
Rate -1.0pp $11,201 -0.5pp $10,815 base $10,421 +0.5pp $10,019 +1.0pp $9,611

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

Down payment
$387,500
Closing costs
$46,500
Reserves months
—
Total cash needed
—

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Short-term bridge; refi at stabilization.

Rent comps 29 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
253 51st St Brooklyn, NY 2.0 1.0 — $2,700 — 165d 1 0.57mi
248 56th St Brooklyn, NY 3.0 2.5 2254 $4,750 $2.11 9d 1 0.82mi
248 56th St #2 Brooklyn, NY 3.0 2.5 2254 $5,000 $2.22 10d 1 0.82mi
194 21st St Apt 5A Brooklyn, NY 3.0 2.0 — $7,250 — 3d 1 0.96mi
194 21st St Brooklyn, NY 3.0 2.0 — $7,250 — 0d 1 0.96mi
1113 43rd St Unit 1296531P Brooklyn, NY 2.0 1.0 — $5,740 — 10d 1 0.97mi
281 20th St Apt 2 Brooklyn, NY 3.0 1.0 1600 $5,000 $3.12 10d 1 1.05mi
132 17th St Unit 5 Brooklyn, NY 3.0 1.0 850 $2,700 $3.18 165d 1 1.17mi
5914 Fort Hamilton Pkwy Apt 1 Brooklyn, NY 4.0 2.0 — $3,500 — 10d 1 1.21mi
279 Prospect Ave Unit 1D Brooklyn, NY 2.0 2.0 915 $5,995 $6.55 6d 1 1.24mi
561 4th Ave Brooklyn, NY 3.0 2.0 — $5,000 — 10d 1 1.26mi
87 Tehama St Brooklyn, NY 3.0 1.0 — $3,500 — 165d 1 1.29mi
100 15th St Unit TH2 Brooklyn, NY 4.0 4.5 — $10,950 — 3d 1 1.31mi
250 16th St Unit 1A Brooklyn, NY 2.0 1.5 — $4,195 — 6d 1 1.31mi
3322 12th Ave Brooklyn, NY 2.0 1.0 — $3,100 — 165d 1 1.32mi
22 Tehama St Unit 2 Fl Brooklyn, NY 2.0 1.0 700 $2,980 $4.26 165d 1 1.35mi
22 Tehama St Unit 1 Brooklyn, NY 3.0 1.5 2800 $4,500 $1.61 86d 1 1.35mi
1351 38th St Brooklyn, NY 2.0 1.0 — $2,499 — 165d 1 1.35mi
1238 63rd St Unit D428 Brooklyn, NY 2.0 2.0 — $3,600 — 10d 1 1.37mi
102 Dahill Rd Brooklyn, NY 2.0 1.0 — $2,600 — 116d 1 1.37mi
85 Louisa St Unit 1 Brooklyn, NY 3.0 1.0 2560 $3,700 $1.45 37d 1 1.37mi
603A 20th St Brooklyn, NY 2.0 1.0 1152 $4,900 $4.25 10d 1 1.39mi
603A 20th St Brooklyn, NY 2.0 1.0 — $4,900 — 3d 1 1.39mi
6752 5th Ave Unit 1 Brooklyn, NY 4.0 2.0 1100 $3,800 $3.45 10d 1 1.39mi
258 Senator St Unit 2fl Brooklyn, NY 3.0 1.0 — $3,800 — 165d 1 1.43mi
428 7th Ave Brooklyn, NY 2.0 2.0 — $6,495 — 7d 1 1.43mi
428 7th Ave Brooklyn, NY 3.0 2.0 — $6,500 — 10d 1 1.43mi
6921 6th Ave #2 Brooklyn, NY 2.0 1.0 — $2,900 — 5d 1 1.49mi
475 4th Ave Brooklyn, NY 2.0 1.0 — $4,195 — 10d 1 1.49mi

Property features AI

Finance

Other
Six-unit multi-family buildingTotal of 36 rooms across the building
Financial info
Financing considered: cash, bank mortgage, exchange

Exterior

Parking
No dedicated parking
Utilities
110V electricGas hot waterGas heating fuelUtility expense listed
Home design
Attached buildingResidential propertyThree stories (units on floors 1–3)Zoning: R6B
Construction
Brick constructionAsphalt/tar and flat roofBlock foundationBuilding footprint approximately 68 x 33
Exterior features
Front and back yardFully fenced yard

Interior

Kitchen
Refrigerator includedOven/RangeAppliances included in units
Bedrooms
Six 3-bedroom units (two on each of three floors)
Flooring
Hardwood floorsLaminate floorsTile floors
Bathrooms
Seven full bathrooms (distributed across units)
Heating & cooling
Steam/radiator heatGas heating fuelWindow A/C units
Interior features
Window air conditioning units (5+)Window treatmentsOther interior features
Laundry & utility
Water included in unit features for most unitsHeat included in unit features for all units

Listing history 50 events

  1. 2026-11-08
    days on market $1,550,000 Active 208 DOM
  2. 2026-11-07
    days on market $1,550,000 Active 207 DOM
  3. 2026-11-06
    days on market $1,550,000 Active 206 DOM
  4. 2026-11-05
    days on market $1,550,000 Active 205 DOM
  5. 2026-11-04
    days on market $1,550,000 Active 204 DOM
  6. 2026-11-02
    days on market $1,550,000 Active 202 DOM
  7. 2026-11-01
    days on market $1,550,000 Active 201 DOM
  8. 2026-10-31
    days on market $1,550,000 Active 200 DOM
  9. 2026-10-30
    days on market $1,550,000 Active 199 DOM
  10. 2026-10-29
    days on market $1,550,000 Active 198 DOM
  11. 2026-10-28
    days on market $1,550,000 Active 197 DOM
  12. 2026-10-27
    days on market $1,550,000 Active 196 DOM
  13. 2026-10-26
    days on market $1,550,000 Active 195 DOM
  14. 2026-10-25
    days on market $1,550,000 Active 194 DOM
  15. 2026-10-24
    days on market $1,550,000 Active 193 DOM
  16. 2026-10-23
    days on market $1,550,000 Active 192 DOM
  17. 2026-10-22
    days on market $1,550,000 Active 191 DOM
  18. 2026-10-21
    days on market $1,550,000 Active 190 DOM
  19. 2026-10-20
    days on market $1,550,000 Active 189 DOM
  20. 2026-10-19
    days on market $1,550,000 Active 188 DOM
  21. 2026-10-18
    days on market $1,550,000 Active 187 DOM
  22. 2026-10-17
    days on market $1,550,000 Active 186 DOM
  23. 2026-10-16
    days on market $1,550,000 Active 185 DOM
  24. 2026-10-15
    days on market $1,550,000 Active 184 DOM
  25. 2026-10-13
    days on market $1,550,000 Active 182 DOM
  26. 2026-10-12
    days on market $1,550,000 Active 181 DOM
  27. 2026-10-11
    days on market $1,550,000 Active 180 DOM
  28. 2026-10-10
    days on market $1,550,000 Active 179 DOM
  29. 2026-10-09
    days on market $1,550,000 Active 178 DOM
  30. 2026-10-08
    days on market $1,550,000 Active 177 DOM
  31. 2026-10-08
    days on market $1,550,000 Active 176 DOM
  32. 2026-10-06
    days on market $1,550,000 Active 175 DOM
  33. 2026-10-04
    days on market $1,550,000 Active 173 DOM
  34. 2026-10-03
    days on market $1,550,000 Active 172 DOM
  35. 2026-10-02
    days on market $1,550,000 Active 171 DOM
  36. 2026-10-01
    days on market $1,550,000 Active 170 DOM
  37. 2026-09-30
    days on market $1,550,000 Active 169 DOM
  38. 2026-09-29
    days on market $1,550,000 Active 168 DOM
  39. 2026-09-28
    days on market $1,550,000 Active 167 DOM
  40. 2026-09-25
    days on market $1,550,000 Active 164 DOM
  41. 2026-09-22
    pricedays on market $1,550,000 Active 161 DOM
  42. 2026-09-21
    days on market $1,650,000 Active 160 DOM
  43. 2026-09-20
    days on market $1,650,000 Active 159 DOM
  44. 2026-09-18
    days on market $1,650,000 Active 157 DOM
  45. 2026-09-17
    days on market $1,650,000 Active 156 DOM
  46. 2026-09-16
    days on market $1,650,000 Active 155 DOM
  47. 2026-09-15
    days on market $1,650,000 Active 154 DOM
  48. 2026-09-14
    days on market $1,650,000 Active 153 DOM
  49. 2026-09-13
    days on market $1,650,000 Active 152 DOM
  50. 2026-09-12
    days on market $1,650,000 Active 151 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

  • 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
  • 🔥 Wildfire 1/10 Low
  • 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
  • 💨 Wind 6/10 Major 62% chance of damaging wind over 30 yrs
  • 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$321,000
− Mortgage interest
−$86,824
− Property taxes
−$23,250
− Insurance
−$7,750
− Repairs & maintenance
−$25,680
− Management
−$25,680
− Depreciation
−$45,091
Taxable income
$106,725
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$25,614
After-tax cash flow
$99,436/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 7 photos

Fair 45/100 Moderate rehab Est. rehab $196,350–$353,430 screening

This 6-family brick building requires moderate repairs and maintenance to improve its condition and increase its resale and rental value.

Repairs flagged

  • Minor exterior paint — Yellow brick facade shows some discoloration
  • Minor concrete floors — Concrete floors show some wear
  • Minor interior paint — Painted walls show some wear

Value-add opportunities

  • Both paint exterior — Enhances curb appeal and resale value ↑
  • Both repair concrete floors — Improves living conditions and rental appeal ↑
  • Both touch up interior paint — Enhances interior aesthetics and rental appeal ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 49/100

Zoned Schools

Elementary Ps 24 F NY #1,923/2,108 Nat'l #32,000/41,679 Middle Is 136 Charles O Dewey F NY #579/729 Nat'l #9,779/14,009 High Leon M Goldstein High School For The Sciences A+ NY #56/1,100 Nat'l #83/17,239

Schools (NCES district)

No district data.

B Composite livability gradescore 75/100

Livability — New York

Score
75/100
State rank
#268
US rank
#4188

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A- Housing C+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

Census place
New York, NY
County
Kings County · 2,847,441 people
City population
7,731,280
Metro
New York-Newark-Jersey City, NY-NJ-PA
Population (ZIP)
90,652
Household income
$69,883
Rent vs Own
73.3% rent · 26.7% own
Severe rent burden
14% of renters

Population outlook (Kings County) Hauer SSP2

Today (2025)
2,847,441 people
By 2030
2,937,006 · +3.1%
By 2040
3,095,491 · +8.7%
By 2050
3,228,968 · +13.4%
By 2075
3,321,723 · +16.7%
By 2100
3,111,387 · +9.3%

Race, ethnicity, and origin ACS 2023

Neighborhood character
Diverse neighborhood (Simpson 0.65)
Race & ethnicity
Asian 40% Hispanic / Latino 40% White 16% Two or more races 7% Black 2% Native American 2%
Hispanic origin (detail)
Mexican 17% Puerto Rican 8% Dominican 5%
Languages at home
20% English-only · Spanish 35% Chinese 35% Arabic 3%

Political lean MEDSL · Kings

2024 margin
Solid D (+44.0) · D 72.0% · R 28.0%
2008→2024 swing
-15.5pp toward R · 2008: 59.4pp · 2024: 44.0pp
All cycles
2024: D+44.0 2020: D+54.8 2016: D+61.8 2012: D+63.9 2008: D+59.4

Not yet ingested

Civics
—

Price history

1 event — show timeline
  • 2026-04-14 Listed $1,650,000 BNYMLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…